The 7am Cut – 8/4/2024

The 7am Cut

BuyAssociation curates a weekly news letter of the top property news headlines – to receive your weekly round up of property news, register today.

In the news this week: mortgage approvals in the UK have reached their highest level in 17 months; rental costs surge across the UK; and tenant retention increases…


UK mortgage approvals hit 17-month high, says Bank of England

“UK mortgage approvals beat expectations in February to hit their highest in 17 months, according to official data that reflects the fall in borrowing costs since the middle of last year.

Net mortgage approvals for house purchases rose to 60,400 in February from 56,100 in January, the Bank of England said on Tuesday. The figure exceeded the 56,500 forecast by economists in a Reuters poll and was the highest since September 2022″…

Valentina Romei, Financial Times

Read the full article


House prices continue upward trend

“Property prices have grown by 0.3% annually, with house prices up 2% on the previous quarter, reveals Halifax’s latest house price index. Kim Kinnaird, director at Halifax Mortgages, said: “The broader picture is that house prices are up year-on-year, reflecting the opposing forces of an easing cost of living squeeze — now that pay growth is outpacing general inflation — and relatively high interest rates.

“Looking ahead, that trend is likely to continue. Underlying demand is positive, as greater numbers of people buy homes, demonstrated by recent rises in mortgage approvals across the industry and underpinned by a strong labour market”…

– Jodie Bradley, Bridging and Commercial

Read the full article


Rent rises across the Greater Manchester boroughs

“The cost of renting is continuing to soar across the UK – and Greater Manchester is no exception. Rents have now risen by 8.8% across the country, with prices up by as much as 20% in some areas.

Greater Manchester has seen some of the biggest rent rises in the UK, with three of its boroughs having the largest increases in the last year. Rent prices in Oldham, Rochdale and Salford are soaring, having gone up by more than 12 percent since February 2023″…

David Dubas-Fisher-MEN & Phoebe Jobling, Manchester Evening News

Read the full article


Good news for landlords as more tenants stay put for longer

“Long-term tenants carry a number of benefits to landlords from an investment perspective, and new research indicates renters could be staying in their rental homes for longer.

Tenant demand remains extremely high, says the report, with 89 new prospective tenants registered per member branch in February – a similar level to February 2023. However, rental stock levels have also fallen once more, with less than nine rental homes available on average per member branch”…

– Eleanor Harvey, BuyAssociation

Read the full article


Consumer sentiment is improving, UK’s largest building society says

“The average cost of a home is now £261,142. But overall, affordability is improving and the property market could improve further if interest rates come down. Nationwide’s chief economist Robert Gardner said it showed “consumer sentiment is improving” as cost of living pressures ease and inflation comes down.

Also released on Tuesday was February data showing financial institutions approved the highest number of mortgages since September 2022″…

– Daniel Binns and Sarah Taaffe-Maguire, Sky News

Read the full article


UK new-build market is improving as construction costs stabilise

“There are plenty of signs that the UK construction space is in line for a more healthy year ahead.

This is largely down to an improving economic backdrop, with Capital Economics predicting that the Bank of England will lower its base rate – currently at 5.25% – to around 3% in 2025. The first cut is widely anticipated to come in June, with more to follow as the year progresses”…

– Eleanor Harvey, BuyAssociation

Read the full article


Register today for your weekly round up of property news.

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:


Sign up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
Manchester property investment


Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:


+44 (0) 333 123 0320

Open from 9am-6pm GMT


+852 6699 9008

Open from 9am-6pm HKT